German stocks were off to a good start on Monday, with the benchmark DAX index rising 214.98 points, or 2.08 percent, opening at 10,551.07 points.
The biggest winner among Germany’s largest 30 companies at the start of trading was the country’s biggest airline Lufthansa, increasing 7.88 percent.
Shares in Deutsche Bank grew by 6.97 percent after the financial institute announced a group profit of 206 million euros (223.3 million U.S. dollars) for the first quarter (Q1) on Sunday. According to Deutsche Bank, net income of 66 million euros had been “ahead of expectations.”
“We are very satisfied that our first-quarter results demonstrate the progress we are making with the transformation of our bank, the operating strength of our business, and our resilience,” said Christian Sewing, Deutsche Bank’s chief executive officer (CEO), on Sunday.
The third strongest growing German DAX company at the start of trading was chip manufacturer Infineon, increasing 4.71 percent.
Shares in Adidas were at the bottom of the DAX and fell 2.99 percent, after the German sportswear manufacturer announced that year-on-year revenues decreased by 19 percent to 4.75 billion euros in Q1, while net income collapsed by 97 percent to only 20 million euros.
“Our results for the first quarter speak to the serious challenges that the global outbreak of the coronavirus poses even for healthy companies,” commented Adidas chief executive officer Kasper Rorsted, adding that over 70 percent of Adidas stores worldwide are currently closed.
On Monday, financial service provider Wirecard is scheduled to present the results following an independent audit of its accounting practices by audit and tax advisory company KPMG.
The yield on German ten-year bonds went down by 0.002 percentage points to minus 0.472 percent, while the euro was trading unchanged at 1.0824 U.S. dollars on Monday morning.